Communal Sewing Project, The Beginning

Hey, you! Remember Ramona's idea for a communal sewing project? Well, I haven't forgotten about it, and I hope you haven't either.

Today, I chose the sweater vest I'll be altering. I'm embarrassed to admit, this is just one of many in my collection...and one of many I don't ever really wear. They always seem like a good idea, but every time I slip one on, it fits not-quite-right or the waist band hits in the wrong spot. This project should be just what I need to finally make use of these silly little numbers.

What do you suppose I should do to it?